Steve is buying Darryl's house for $360,000. Steve's loan amount is $275,000. He has agreed to pay 2 points at closing. How much
will Steve pay for points?
1 answer:
Answer:
$5,500
Step-by-step explanation:
Steve is Darrlyn house for $360,000
Steve loan amount $275,000
He agreed to pay 2 points at closing
Therefore the amount steve will pay for points can be calculated as follow
= 275,000 × 2/100
= 275,000 × 0.02
= 5,500
Hence Steve will pay $5,500
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